Dublin welcomes Barclays as new Post-Brexit HQ - Bloomberg

Barclays Plc was on the wires via Bloomberg, as the bank has settled on Dublin for its main hub inside the European Union after Brexit and is planning to add about 150 staff there if U.K.-based finance companies lose easy access to the trading bloc.

Key Highlights

-Barclays is moving ahead with contingency plans so it can continue serving EU clients if Prime Minister Theresa May fails to strike a transitional or permanent deal preserving London’s access within the two-year renegotiation period.

-Barclays staff moved to or hired in Dublin could include senior managers, derivatives specialists, currency traders, compliance and human resources staff.

-Barclays’s “Plan A” working assumption is that a deal will eventually be hammered out and British financial companies won’t have to relocate services such as euro clearing to subsidiaries inside the EU.

-The bank expects initial contingency planning to cost about 15 million pounds ($18.9 million), including fees for lawyers and real estate agents.

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